Is Obama Right? Does The Financial System Need Changed?

by Beth Kade

Obama will speak on Wall Street in an effort to convince Congress to move ahead and approve a complete overhaul to the financial industry.

It has been one year since the collapse of the Lehman Brothers bank and he is set to not only defend his economic policies but urge Congress to carry out his next steps.

Obama is going forward with a good defense of how he handled the financial crisis. He will show evidence of improvement under his leadership.

Obama will show how his $787 billion stimulus package that was passed earlier this year created over one million jobs as well as boosted the economy of America.

He can also say that he has boosted the US Gross Domestic Product by two to three percent between April and June.

Obama will also take credit for preventing a second great depression.

Which leaves the question: who wouldn't vote for a complete financial overhaul. His plan will add a watchdog or Consumer Financial Protection Agency that will monitor mortgages, car loans and credit cards along with the Federal Trade Commission so that Americans will be protected in the future from having this happen again.

It would also give the Federal Reserve new powers over financial firms along with the power to seize banks whose collapse could threaten the economy. I think if the government is the insurer of the money held in those banks, they should be able to take control of those banks.

If you were one of those people who were unable to get to your money because of the bank going under, I think you would agree that they need to have some sort of regulation and control.

The truth is there are quite a few Congressmen who will vote against this financial overhaul. The reason? Money talks.

For every congressman, there is at least five lobbyist assigned from the financial sector. The economy is starting to grow again. Let's not stop it. Call your congressman today and make sure he knows that you are more important then a lobbyist and you support Obama's economic overhaul.

Obama has improved our economy so far so why should we stop him now?

Article submitted Monday, September 14, 2009 & read 3801 times.

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